Indian nationals have emerged as the largest foreign investor group in Dubai’s real estate sector, buying properties worth Dh83.65 billion ($22.7 billion) in the last five years from 2013 to 2017, according to statistics compiled by Dubai Land Department.

They pumped Dh15.6 billion into Dubai’s real estate in 2017, their highest in a year compared to Dh12 billion in 2016 and Dh20 billion in 2015, stated the report, released ahead of a key industry event ebing hosted by Dubai Land Department (DLD).

Dubai Property Festival, a real estate business-to-consumer (B2C) sales event, will run from April 9 to 11 at Dubai World Trade Centre where most participating developers, brokers, banks, mortgage providers and financial institutions – are expected to launch mega discounts on onsite property sale and auction, overseen by DLD.

The expo is likely to witness a flurry of buying and selling activities involving hundreds of participants – property developers, brokers, lenders, mortgage providers, investors and home buyers.

Indian nationals form the largest expatriate population in the UAE and they are also the largest foreign owners of business establishments in the country, said the organisers.

The announcement comes following the recent successful visit by Indian Prime Minister Narendra Modi to the UAE, where a number of announcements on UAE-India strategic partnership had been announced, especially on the UAE’s planned $75 billion investment into Indian economy.

An initiative undertaken by DLD in partnership with International Property Show, the Dubai Property Festival is part of the department’s on-going efforts to support the real estate sector and create a win-win situation for all the stakeholders – the developer community, brokers, property buyers, investors, banks and mortgage lenders.

The three-day event will coincide with a series of global events aimed at attracting inward investment in to the UAE.

"Dubai Property Festival is one of our initiatives and the latest platform to promote Dubai real estate, reflecting our mission to make Dubai the best destination for investment, ideal choice for business and living," remarked Sultan Butti bin Mejren, the director general of DLD.

"We are working with all stakeholders in the real estate sector to make the festival a rewarding opportunity for all," he added.

Indian businessmen also own some of Dubai’s large real estate companies, such as Sobha, Danube Properties, Gemini Property Developers, Indigo Properties, Rocky Real Estate, City Tower Real Estate among many others.

The first-of-its-kind purely sales and purchase event will help stimulate the emirate’s buoyant real estate sector that has witnessed Dh285 billion worth of transaction in 2017, said the organisers.

“Indian nationals are the largest group of foreign investors in Dubai’s real estate and as both the UAE and India strengthen strategic relationship, we see a greater synergy and increased investment by Indian nationals in UAE,” remarked Dawood Al Shezawi, the head of the organising committee of the expo.

Dubai Land Department recorded 69,069 real estate transactions with a total value exceeding Dh285 billion ($77.6 billion) in 2017, including Dh107 billion ($29.15 billion) investment by 39,480 investors through 52,958 billion – more than 65 per cent of which is by foreign investors.

“As UAE-India relationship strengthens, Dubai Land Department also deepens its engagement with Indian economy to help create a win-win situation for all stakeholders,” remarked Al Shezawi.

“We have put India in our global map of increased interaction and have been supporting the Indian Property Show in Dubai while also organising Dubai Property Show in Mumbai – the commercial capital of India,” he added.

According to him, most of Dubai’s residential stock of 490,000 homes is occupied by Indian expatriate population. These NRIs mostly rent homes although tens of thousands of freehold homes are also owned by them.

"Indian buyers are likely to be the major participants at the event as many Indian residents would now consider buying homes due to attractive prices. We expect to see greater footfalls by NRIs at the Dubai Property Show this year," added Al Shezawi.-TradeArabia News Service